This clown seems to be a pure embodiment of happiness, from its hand-painted red-cheeked smiling face to its polka dotted outfit, to its little wooden legs, one missing a foot. But best of all, squeeze his belly and his arms come forward, almost, but not quite, to clap those cymbals together! 

Definitely made in Japan (he bears a very close resemblance to a few Japanese hand-puppets I've had in stock), I believe this clown dates to the 1940s or so. Other than the missing foot, he's in pretty good shape overall, with some wear to the paint on the papier mache head (a chip on his nose and another on the back of the head), and one patch of wear to the fabric on the back of one legs (see photos).

10" tall x 6" wide (across the arms) x 1 3/4" deep. His head measures 2" across.  There is a hook attached to his collar on the back for hanging him up!